Westpac Banking Corp raised its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 103.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,100 shares of the financial services provider’s stock after buying an additional 27,536 shares during the period. Westpac Banking Corp’s holdings in Prudential Financial were worth $5,100,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Adirondack Trust Co. increased its stake in Prudential Financial by 7.6% in the first quarter. Adirondack Trust Co. now owns 1,133 shares of the financial services provider’s stock valued at $121,000 after buying an additional 80 shares during the period. Seven Eight Capital LP acquired a new stake in Prudential Financial during the fourth quarter valued at approximately $130,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Prudential Financial during the fourth quarter valued at approximately $134,000. Quadrant Capital Group LLC increased its stake in Prudential Financial by 11.1% in the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the financial services provider’s stock valued at $139,000 after buying an additional 137 shares during the period. Finally, First Personal Financial Services increased its stake in Prudential Financial by 3.4% in the first quarter. First Personal Financial Services now owns 1,407 shares of the financial services provider’s stock valued at $150,000 after buying an additional 46 shares during the period. Hedge funds and other institutional investors own 62.99% of the company’s stock.
Prudential Financial, Inc. (PRU) traded down 0.3252% during trading on Tuesday, hitting $108.1272. 60,215 shares of the stock were exchanged. The company has a market cap of $46.39 billion, a price-to-earnings ratio of 10.9707 and a beta of 1.49. The stock’s 50 day moving average is $106.54 and its 200-day moving average is $106.85. Prudential Financial, Inc. has a one year low of $66.51 and a one year high of $114.55.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, May 3rd. The financial services provider reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.64 by $0.15. Prudential Financial had a net margin of 7.78% and a return on equity of 8.52%. The business had revenue of $13.24 billion for the quarter, compared to analysts’ expectations of $12.75 billion. During the same period in the previous year, the business earned $2.18 earnings per share. On average, equities research analysts expect that Prudential Financial, Inc. will post $10.65 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Tuesday, May 23rd were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Friday, May 19th. Prudential Financial’s dividend payout ratio is currently 30.46%.
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PRU has been the subject of several research reports. Vetr upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $109.90 price target for the company in a research report on Wednesday, March 22nd. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $117.00 price target on shares of Prudential Financial in a research report on Tuesday, March 21st. Deutsche Bank AG upped their price target on shares of Prudential Financial from $114.00 to $117.00 and gave the company a “buy” rating in a research report on Wednesday, April 19th. Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 price target for the company in a research report on Tuesday, April 18th. Finally, BidaskClub upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Prudential Financial presently has an average rating of “Buy” and a consensus target price of $108.84.
In related news, insider Charles F. Lowrey sold 222,857 shares of Prudential Financial stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $108.04, for a total transaction of $24,077,470.28. Following the sale, the insider now directly owns 151,418 shares in the company, valued at $16,359,200.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.66% of the stock is owned by insiders.
Prudential Financial Company Profile
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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